$1.2 Trillion Needed for Battery Storage to Support Renewables by 2034: Report

Global power sector faces 1,400 GW shortfall in BESS capacity equipped with grid-forming technology

July 4, 2025

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Nearly $1.2 trillion must be invested globally in battery energy storage systems (BESS) to support the installation of over 5,900 GW of new wind and solar capacity through 2034, according to Wood Mackenzie.

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Arjun Joshi

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$1.2 Trillion Needed for Battery Storage to Support Renewables by 2034: Report

Continue Reading with Premium Access

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